CFA考试《CFA一级》历年真题精选及详细解析1006-57
1、Bonds issued by a country's central government are referred to as sovereignbonds.Which of the following methods is ud by central governments to issuesovereign bonds when it determines market conditions are advantageous?【单选题】
A.Regular cycle auction (multiple price).
B.An ad hoc auction system.
C.A tap system.
正确答案:B
答案解析:在市场适合的情况下，选择发行债券属于特别的拍卖系统。
幼儿园培训心得体会2、On a cash flow statement prepared using the indirect method, which of the following would most likely increa the cash from investing activities?【单选题】
A.Sale of a long-term receivable
B.Sale of held-for-trading curities
C.Securitization of accounts receivable
正确答案:A
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答案解析:“Understanding Cash Flow Statements,” Elaine Henry, CFA, Thomas R. Robinson, CFA, Jan Hendrik van Greuning, CFA, and Michael A. Broihahn, CFA2013 Modular Level I, Vol. 3, Reading 27, Section 2.1“Accounting Shenanigans on the Cash Flow Statement,” Marc A. Siegel2013 Modular Level 1, Vol. 3, Reading 34, Section 5Study Session 8-27-a, 10-34-aCompare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of tho three categories given a description of the items.Analyze and describe the following ways to manipulate the cash flow statement: stretching out payables; financing of payables; curitization of receivables; and using stock buybacks to offt dilution of earnings.A is correct. The sale of a long-term receivable would increa cash from investing activities; the other two activities mentioned are operating activities.
3、Recording an estimate of uncollectible accounts will least likely:【单选题】
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A.reduce revenues.
B.reduce net income.
C.increa expen.
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正确答案:A
答案解析:未能收现的账户(uncollectible accounts)当作费用处理，并不会影响到收入，但会增加费用，并且会减少净利润。
4、Financial risk is most likely affected by:【单选题】
A.dividends.
B.long-term leas.
C.general and administrative costs.
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正确答案:B
答案解析:“Measures of Leverage,” Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and Adam Kobor2012 Modular Level I, Vol. 4, p. 103Study Session 11-38-aDefine and explain leverage, business risk, sales risk, operating risk, and financial risk, and classify a risk, given a description.B is correct. As stated on p. 103, “By taking on fixed obligations, such as debt and long-term leas, the company increas its financial risk.”
5、Margin in the futures market is most accurately described as a:【单选题】
A.down payment from the futures trader.
B.loan to the futures trader.
C.requirement t by federal regulators.
正确答案:A
答案解析:It is the amount of money that must be deposited into an account by a trader when opening a futures position. The money helps ensure that the trader fulfills his obligations.2014 CFA Level I“Futures Markets and Contracts,” by Don M. ChanceSection 3
6、All el being equal, which of the following most likely increa credit quality?A company decreas its:【单选题】
中国洪灾A.margin stability.
126邮件B.retained cash flow.
C.dividend payout ratio.
正确答案:C
答案解析:派发给股东的股利越少，在公司里留给债权人的现金就越多，对债权人也越有利，并会增加公司的信用质量;减少利润率的稳定性和留存的现金流，都会降低公司的信用质量。
7、An analyst does rearch about the impact of tax rate changes on a company\\\\\'s financialstatements.For existing deferred tax asts and liabilities, an increa inincome tax rate:【单选题】
A.increas both deferred tax asts and deferred tax liabilities.
B.decreas both deferred tax asts and deferred tax liabilities.
C.decreas deferred tax asts and increas deferred tax liabilities.
正确答案:A
答案解析:税率的改变对于DTL和DTA的影响：税率的改变不但对当期的income statement有影响，而且对在balance sheet中的DTA和DTL也会有影响。Tax rate上升，令资产负债表中的DTL上升和DTA上升。Tax rate下降，令资产负债表中的DTL下降和DTA下降。
8、An analyst does rearch about the treasury stock method and gathers the followinginformation about a company for 2011:● Net income is $1 360 000● Dividends p
aid on stocks is $80 000● Average number of shares outstanding is 400 000● Number of options outstanding is 15 000● Average price of common stocks during the year is $25● Exerci price of option is $15There are no other potentially diluted curities outstanding.The company\\\\\'s dilutedearnings per share in 2011 using the treasury stock method under U.S.GAAP is clost to :【单选题】
